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  "documentTitle": "Third Point Management | Activist Presentation Deck | 45 slides",
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  "notes": "Uses a quote from Piper Jaffray to reinforce the 'abysmal execution' narrative.",
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      "text": "LTM Adj. EBIT, $ Millions",
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      "text": "Campbell has struggled with sourcing and product quality issues, product recalls, share losses, reduced shelf space, and a host of other problems. Campbell was also slow to innovate its fresh food products to meet modern consumer demands.",
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      "text": "While Campbell's intentions may have been admirable in trying to move into fresh food, its execution was abysmal.",
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      "text": "Note: Quotation from Piper Jaffray report “Strategic Update Preview” (8.13.18); FY18 segment EBIT before corporate expense; $92 million Adj. EBIT from transaction press release (July 2012) Source: Third Point LLC; Company Materials; Piper Jaffray",
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      "text": "Move into fresh food with $1.55 billion deal for Bolthouse Farms has been a disaster",
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      "text": "CORPORATE STRATEGY — FRESH FOOD",
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